3 days to clear cash?

maliachammy

Pardon me if I am displaying any severe lack of awareness of the banking process (I hope not as I work in one) but does it sound right that it should take 3 days to 'clear' cash paid into your current account?

My wife has a current account with Halifax and she had a payment coming out on tuesday that she didn't have enough funds to cover. she used her tried and tested method of withdrawing from one account at the cash machine and depositing into the Halifax account via the machine. she did this on the friday before knowing it would give her the monday as the full working day cover for the cash to be in her account for the payment. when she checked her balance on the tuesday night the cash still did not show as available on her account, and when she rang up Halifax they told her that it takes 3 working days to clear cash.

as I work in a cheques clearing centre (I know, what a fulfilled life), I know that cheques take what can be an overblown amount of time to clear but by the nature of the thing it has to go through this process. cash however, is a very different transaction altogether.

do you think i've misjudged the process or are we right in thinking their service is pants?

maliachammy

Thanks.

I find the idea of 'clearing' cash ridiculous, how do they clear it exactly? There is absolutely nothing to check with cash. As soon as we can we will be getting this account closed. Handy that you have given such good advice about the Nationwide, it doesn't sound like they think their customers are all mugs.

tom188

I think the issue is one of using the cash machine to pay money in because unless it is a new one that can pre count the cash (ie you use an envelope) this is normally credited to the account manually 24-48 hours later when the machine is emptied. This is the case with Nationwide cash machines, but if you take it to the counter it is credited instantly.

The idea of cash taking three days to clear is ridiculous and is certainly not a problem i have encountered in my dealings with Halifax over the last few years ive been with them.

maliachammy

I have to admit i'm sure she has done this kind of cash transfer before (it is an enveloped deposit) and it has not taken so long, so it may have been more likely the call centre worker chatting nonsense to get her off the phone. still shoddy on this occasion nonetheless.

bengal-stripe

maliachammy wrote:

depositing into the Halifax account via the machine.

I think that’s where the problem is. Your wife deposited the cash via machine and not over the counter. Payment at the till will be booked instantly, although at my bank (Abbey) if the cashier is in training it takes a couple of hours (I presume the manager has to check the entries, before they go into the central computer).

Payments via machine will be booked the next working day (during bank hours), but as DD etc. come through in the very early morning hours, the money would only be available to meet a DD two working days later.

If it’s urgent, always pay in at the counter, although you might have to queue for a bit.

tuux1598g

bengal-stripe wrote:

I think that’s where the problem is. Your wife deposited the cash via machine and not over the counter. Payment at the till will be booked instantly, although at my bank (Abbey) if the cashier is in training it takes a couple of hours (I presume the manager has to check the entries, before they go into the central computer).

Payments via machine will be booked the next working day (during bank hours), but as DD etc. come through in the very early morning hours, the money would only be available to meet a DD two working days later.

If it’s urgent, always pay in at the counter, although you might have to queue for a bit.

Although you may wish to check this with the bank as I know HSBC promise instant deposit of cash paid via their machines into the account at my branch. But as stated, the others tend to take a little longer via the machines (if its the envolope kind especially as at Lloyds) - HSBC's count the cash there and then

YorkshireBoy

maliachammy wrote:

...so it may have been more likely the call centre worker chatting nonsense to get her off the phone.

More likely they were simply quoting from the Halifax current account T&C's...

3 If you pay money into your account, how long do you have to wait before you can take it out?

3.1 Cash – ...<snip>...If you pay cash in through any of our cash dispensers, but not Scottish cash dispensers, you can take the money out of your account on the day after the second bank working day after we get it. This does not include the day we get it. For example, if you pay cash in through one of our cash dispensers on a Monday, you can take the money out of your account on the Thursday as long as neither the Tuesday nor the Wednesday is a bank or public holiday.

If you pay cash in through any of our Scottish cash dispensers, you can take the money out of your account on the next bank working day after we get it. For example, if you pay cash in through one of our Scottish cash dispensers on a Monday, you can take the money out of your account on the Tuesday as long as the Tuesday is not a bank or public holiday.

maliachammy

I think we have a good answer as to why it takes three days, thanks. In this day and age though it shouldn't take that long, it is still cash after all.

M_Thomson

While I agree that 3 days is a long time I don't think it should be instant. If it was, people could go to a cash machine, enter £200 and only put £100 in the envelope. Then the bank is down £100. They need to check it adds up when the machine is emptied.

tuux1598g

M_Thomson wrote:

While I agree that 3 days is a long time I don't think it should be instant. If it was, people could go to a cash machine, enter £200 and only put £100 in the envelope. Then the bank is down £100. They need to check it adds up when the machine is emptied.

Thats where HSBCs new machines are great - you put the cash into a big bay that opens up, it then counts it all and confirms the amount on-screen before completing... money is in instantly at the correct amount - they're real easy to use and our branch has been kitted out with about 5 of these things. Makes trips to deposit cash much quicker

I don't usually applaud HSBC but on this occasion they have come up with a bright idea

Toomuchdebt

bengal-stripe wrote:

I think that’s where the problem is. Your wife deposited the cash via machine and not over the counter. Payment at the till will be booked instantly, although at my bank (Abbey) if the cashier is in training it takes a couple of hours (I presume the manager has to check the entries, before they go into the central computer).

Um no-sorry- even if a cashier is in training then cash payments go through straight away(the manager doesn't have to check entries nor does he/she put them through onto the central computer-they go through straight away-the only way it can take a few hours is if the online systems are down and the cash was entered manually and it took a few hours for the system to come back online).

As for cash machines-it does take 3 days at the Halifax unless you use the new machines that credit the account straight away.